Manila, Philippines – The Philippine Stock Exchange Index declined further today after a slight breather yesterday. The index closed at 7413.15, which is lower by 104.22 points or 1.39 percent.
The broader all-share index is lower by 1.02 percent.
The decline was across the board as all sub-indices were down for the day.
The worst performing sub-index is the Property sector, which is higher by 1.94 percent. It is then followed by the Holdings sector falling by 1.41 percent.
Within the Property, SMPH led the sub-index higher as it closed at 36.40. This figure is lower by 2.93 percent versus yesterday’s close.
Furthermore, ALI closed at 41.00 — lower by 2.38 percent. FLI closed at 1.47 — lower by 1.34 percent. DD closed at 22.75 — lower by 1.09 percent.
Within the Holdings sector, SM led the sub-index lower as it closed at 935.0. This figure is higher by 1.37 percent versus yesterday’s close.
Moreover, JGS closed at 52.0, a decline of 3.97 percent. GTCAP closed at 815.0, which is down by 4.12 percent. AEV closed at 48.30, a 1.43 fall.
Which Stocks Traded the Largest Volume?
The most active stocks today include AC with PHP 460.23 million in traded value. BPI made it to the top gainers with a traded value of PHP 407.17 million. ALI also had PHP 325.39 million in traded value.
Significant gainers for the day include MAH, which is higher by 9.62 percent; X, by 9.05 percent; MJC, by 4.73 percent; and, MEG, by 4.04 percent.
Significant losers include BCOR, which is down by 10.62 percent; GEO, by 9.05 percent; IRC, by 6.87 percent; and, STI, by 5.48 percent.
Joining the list are ABA, which fell 4.65 percent, GTCAP with a 4.12 percent decline, and SECB with a 4.01 percent decline.
There were 67 advances and 115 declines, while 46 names remain unchanged. Value turnover totalled to PHP 5.68 billion. Foreign exchange rate stood at USD 1: PHP 54.07.
Good News For Small Retail Investors
The Philippine Stock Exchange announced last Thursday that the Securities and Exchange Commission (SEC) has approved the amendments on its Consolidated Listing and Disclosure Rules.
Previously, local small investors (LSI) can only avail up to PHP 25,000 worth of stocks during IPO. In the amended rule, LSIs can now avail up to PHP 100,000 worth of IPO stocks.
The PSE added that at least 10 percent of the entire IPO should possibly to LSIs. Furthermore, issuers should prioritize subscriptions of investors willing to invest less than PHP 100,000.
Should the IPO be more than PHP 5 billion, the PSE may choose to increase the allocation beyond PHP 100,000 on a case-to-case basis.
The PSE is also requiring issuers to devise an appropriate distribution mechanism for investors to participate better nationwide.
Analysts are positive that the new decision will attract more investors into the market.
Technical Bounce
The index possibly made a lower low based on a one-month horizon after breaking below the range.
The 15 EMA and 20 SMA are still on track for a bearish crossover with the 50 SMA. Altogether, they are expected to act as resistance for the stock.
Meanwhile, MACD is still bearish. RSI is also bearish and is approaching oversold levels. Estimated support is at 7360 while expected resistance is at 7482.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P815,355,147.17 as of September 14, 2018. On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP13,081,861,382.71.
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